The CEO of Wells Fargo

Chairman, President and CEO Wells Fargo & Company

John Stumpf became Chairman for Wells Fargo & Company in January 2010. He was named Chief Executive Officer in June 2007, elected to Wells Fargo’s Board of Directors in June 2006, and has been President since August 2005.


He is a 28 year veteran of the company. in 1982 Stumpf was in the loan administration department and then became senior vice president and chief credit officer for Norwest Bank, N.A., Minneapolis. He was then named regional president for Norwest Banks in Colorado/Arizona in 1991. From  there in 1994 to 1998, he was regional president for Norwest Bank Texas. During the four years in that position.


In 1998, he became head of the Southwestern Banking Group (Arizona, New Mexico and Texas). Then two years later he became head of the new Western Banking Group (Arizona, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington and Wyoming). And  in 2000, he led the integration of Wells Fargo’s acquisition of the $23 billion First Security Corporation, based in Salt Lake City. In May 2002, he was named Group EVP of Community Banking. In December 2008, he led one of the largest mergers in history with the purchase of Wachovia.


Stumpf serves on the Board of Directors for The Clearing House, the Financial Services Round table, Target Corporation and Chevron Corporation.

Stumpf is a Minnesota native, who earned his bachelor’s degree in the finance from St. Cloud State University and got his MBA with an emphasis in finance from the University of Minnesota.

Finance institution

Wells Fargo! 

Wells Faro reports net income of $3.8 billion or $0.67 per diluted common share, for the first quarter 2011, up from $2.5 billion, or $0.45 per share for the first quarter 2010. Wells Fargo received $25,000,000,000 tax dollar money.The same day that they received the money, Wells Fargo bought Wachovia. They were asked what they were going to do with the money and they did not have an answer. Wells Fargo is now the second largest bank in the world and is high and used by average Americans.

Wells Fargo's stock price as of today is 28.54. In 2008 before the crash, Wells Fargo stock price was 25.02

Wells Fargo 2008 Earning reports below.

Full Year 2008:

Record revenue of $42.23 billion, up 7 percent from prior year. Positive operating leverage (revenue growth of 7 percent; expense decline of 1 percent), best among

large bank peers. Net income of $2.84 billion, including $8.14 billion (pre tax) credit reserve build, $1.68 billion (pre

tax) other-than-temporary impairment and $124 million (pre tax) of merger-related expenses. Diluted earnings per share of $0.75, including credit reserve build ($1.51 per share) and other-than- temporary impairment ($0.31 per share). Industry-leading annual results – highest growth in pre-tax pre-provision earnings (up 18 percent), highest net interest margin (4.83 percent), return on equity, return on assets and highest total shareholder return among large bank peers (up 2 percent).

Wells Fargo current quarterly report below.

Continued strong financial results: 

Record net income of $3.8 billion, up 48 percent from prior year, up 10 percent from prior

quarter. Diluted earnings per common share of $0.67, up 49 percent from prior year, up 10 percent from

prior quarter. All business segments contributed to earnings.

Return on assets of 1.23 percent, up 14 basis points from prior quarter, highest in 3 years.

Revenue of $20.3 billion, down $1.2 billion from prior quarter, reflecting $741 million decline in

mortgage banking fee income. Non interest expense down $607 million from prior quarter.

Average checking and savings deposits up 9 percent from prior year; consumer checking accounts

up a net 7.4 percent from March 31, 2010. Average loans of $754.1 billion, up $402 million from prior quarter.

Its strange that Wells Fargo bought Wachovia the same day they received their bail out and could not provide a valid answer what they were going to do with their money. Were they taking money from customers and using them for themselves.

 

What could help?

As U.S. workers trying to find jobs to help support themselves or their family. All Big corporations care about is making that money. They see our great nation is going through a lot yet they continue to out source their goods. I guess the richer needs to stay richer and who cares about everyone else.  But at the same time the average consumer wants to pay least amount of money for the things they buy. If we as a nation wanted to help our everyday worker, we should only buy U.S. made goods. But that is a tough cookie with in its self. It would even work if big corporations made half the goods in the U.S. and the other half out sourcing. I’m just saying any little help we can get to boost our economy would help.

sweatshops

The hardest thing in in my consumer spending is looking at the label which says, "Made in China." Knowingly, these sweatshops that create the products that we buy and use is for our well pleasure. My consumer habit may not change but I plan to work on what I purchase especially toys for my son. I want to be careful on what I buy such as clothing and other necessities that I need. Although this may be difficult when items I want are made from other foreign countries such as China. I believe change could be made from my part such as looking at the different merchandise that I purchase and taking a second look. As tempting as it is, I want to be able to say no because I am compassionate. 

Hi my name is Jerry and I am currently majoring in Psychology. I am also interested in law enforcement. 

I am in English 1A and I am striving to learn new outcomes and how to be a great reader. I feel using this blog with help me succeed and gain new information from other blog users.

In the consumer worksheet that we had gotten for homework, I found that the people that created our belongings are lower class people,  and young teens in their twenties.

I found that the companies make their employees work approximately fourteen to fifteen hours days as they work seven days a week. I also found that the employees are not granted any sick time and vacation. Factories are hazardous as well as having safety issues. I also found that the factories pay their employees approximately three to five hundred yuan, which equals approximately $2.50 to $3.00 US dollars on a regular working day.